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operated to respondent’s detriment. Respondent does not address
this argument squarely but maintains that the omission of
property tax information is fatal to the election.
Petitioner makes a creative, if not entirely convincing,
argument. Information on property taxes is a required element of
the capitalization of rents formula. See sec. 2032A(e)(7)(A)(i);
Estate of Strickland v. Commissioner, 92 T.C. at 26. Under the
statutory formula, plugging in the number zero to the formula in
the absence of tax information would yield higher special use
values. Thus, petitioner’s argument that the information is
optional is not without some appeal in logic and common sense.
However, the requirement that an estate provide information on
the property taxes paid on the comparable properties also serves
to substantiate the claimed special use valuation.19 See Estate
of Strickland v. Commissioner, supra at 24. In any event, we
need not and do not decide whether the absence of property tax
information, standing alone, is fatal to petitioner’s special use
election because other requirements of section 2032A(e)(7) and
the regulations thereunder were not satisfied within the 90-day
curative period.
19Information on property taxes may serve to substantiate
the gross cash rental figures used in the calculation, because
some rough proportionality between the figures would normally be
expected.
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